Lawyer for German/EU Securities Exchange Law – Capital Markets and Market Infrastructure Advisory
New trading structures, licensing or compliance – Kronsteyn provides market makers, exchanges and issuers with legally robust and practice-proven solutions.
Stock exchange law forms the foundation of the German and European financial markets. Kronsteyn Law Firm advises market operators, market infrastructure providers, investment firms and institutional investors on all aspects of German/EU securities exchange law, market infrastructure and capital markets regulation.
Kronsteyn combines legal precision with an in-depth understanding of how market infrastructures operate. The German law firm has already advised on a wide range of projects in securities exchange law – for example, the legal structuring of pre- and post-trade arrangements for a new regulated market by an internationally active exchange group, the design of trading and market-making frameworks for investment firms, and the development of compliance systems relating to insider dealing and market manipulation.
In addition, Kronsteyn Law Firm regularly prepares expert legal opinions on complex issues of German and EU securities exchange law and the regulation of financial market infrastructures.
Design and structuring of pre- and post-trade arrangements
Listing, segment change & delisting
Drafting of rulebooks for exchanges and MTF
Legal opinions and statements on complex legal issues
Legal opinions and statements on complex legal issues
Drafting of outsourcing and cooperation agreements
Assistance with admission and licensing procedures
Designated Sponsor / Market Maker set-up on Xetra
Insider dealing and market manipulation
Sanctions and anti-money laundering compliance
Publications Relating to German/EU Stock Exchange Law
Müller-Lankow, Legality of Stock Exchange Short Selling Bans (German: Rechtmäßigkeit börslicher Leerverkaufsverbote), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2025, pp. 433-440. Müller-Lankow, Disruptions in securities transactions and their regulation under CSDR, SSR, stock exchange law, ICMA and BGB (German: Leistungsstörungen bei Wertpapiergeschäften und deren Regulierung nach CSDR, SSR, Börsenrecht, ICMA und BGB), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1641-1649. Müller-Lankow, Market-making in the scope of collective asset management – a paradox? – At the same time comment on the judgement of the VGH Kassel of 21.11.2023 - 6 A 1658/18 (German: Market-Making im Rahmen der kollektiven Vermögensverwaltung – Ein Widerspruch? – Zugleich Anmerkung zum Urteil des VGH Kassel v. 21.11.2023 – 6 A 1658/18), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 601-607. Müller-Lankow, How the regulation of settlement delays is putting securities trading to the test (German: Wie die Regulierung von Lieferverzögerungen den Wertpapierhandel auf die Probe stellt), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 567-568. Müller-Lankow/Liebscher, Legal differences between e-money and asset-backed tokens (German: Rechtliche Unterschiede zwischen E-Geld- und vermögenswertereferenzierten Token), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1152-1160. Kumpan/Müller-Lankow, Commentary on § 26b (Tick size) and 26c (Market making systems) of the German Stock Exchange Act (BörsG), in: Eberhard Schwark / Daniel Zimmer (eds.), Kapitalmarktrechts-Kommentar, 5th ed., München (C.H. Beck) 2020. Kumpan/Müller-Lankow, The Multilateral Single-dealer System – An Oxymoron under MiFID II?, in: Journal of International Banking Law and Regulation 34 (2019), issue 9, pp. 301-310. Müller-Lankow, Market-making: A regulatory analysis of market-making in multilateral and bilateral systems (German: Market-Making: Eine aufsichtsrechtliche Analyse des Market-Makings im Rahmen multilateraler und bilateraler Systeme), Baden-Baden (Nomos) 2018. Müller-Lankow, Differentiation between proprietary trading by market makers and proprietary trading by other liquidity providers (German: Abgrenzung des Eigenhandels durch Market-Maker vom Eigengeschäft durch sonstige Liquiditätsgeber), in: Wertpapier-Mitteilungen (WM) 2017, pp. 2335-2345. Kumpan/Müller-Lankow, Single-market maker systems in the new capital market regulation – differentiation between multilateral and bilateral systems (German: Ein-Market-Maker-Systeme in der neuen Kapitalmarktregulierung – Abgrenzung zwischen multilateralen und bilateralen Systemen) (together with Prof Dr Christoph Kumpan), in: Wertpapier-Mitteilungen (WM) 2017, pp. 1777-1786.
Clients of Kronsteyn rely on legal solutions that are both precise and practicable. For any questions relating to German and European securities exchange law, Dr Hendrik Müller-Lankow, Attorney, will be pleased to assist you.
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